November 4th, 2009

Opposition spokesman says 2010 fiscal gap to greatly exceed gov’t estimates

The main opposition party Fidesz projects a budget deficit of 5-7pc of GDP in 2010, although the party — if it takes office after general elections in the spring — wants to do its best to prevent the deficit from running away, Fidesz deputy chief Mihaly Varga said in a television programme late on Tuesday.

The Bajnai government targets a 3.8pc of GDP deficit for 2010.

Mr Varga, a former finance minister, said there was a “hole” of around HUF 1,000bn in the 2010 budget. In light of this danger, amendments are “very urgently” needed, he added.

Hungary needs an economic policy that can create new jobs, providing incentives for investments and allowing state debt to be repaid all at the same time, Mr Varga said.

Fidesz is in continuous consultations with the International Monetary Fund (IMF), Mr Varga said. The IMF asks the party’s opinion on economic policy, and Fidesz gives it answers, he added.

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